AN ACT CONCERNING THE COMMUNITY ECONOMIC DEVELOPMENT FUND.

HB 5434 allows the Community Economic Development Fund to operate outside the state of Connecticut to expand its reach. The bill changes how the fund's governing board is selected, shifting from a diverse mix of community and political appointees to a smaller group of state officials starting in 2025. It also clarifies that the fund can seek money and resources from any source and establish local or state-wide affiliates to help run the program. The fund will continue to provide loans, technical help, and other financial support to businesses and individuals in targeted neighborhoods, with at least 70% of funds directed to those specific areas.